The “risk on” theme continues with global stocks staying strong over the past 24 hours since the signing of US-China trade deal. The US stock averages have soared to new all-time higher with the Dow Jones Industrial Average (DJIA) above the 29000 level and the broad benchmark index, the S&P 500 through 3300. The Q1 … Continued
Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in-Chief for FXExplained.co.uk, the Academic Dean for The London School of Wealth Management, plus Senior Investment Advisor at Kylin Prime Capital.
At FXExplained.co.uk Steve is the Editor-in-Chief, alongside producing numerous articles for the site. The ability to be able to reach out to a wide, global audience with his own analysis and also assist and nurture other authors in their creative process makes this a role that Steve values deeply.
The Market Chartist
The Market Chartist was founded in 2012 and provides daily technical analysis reports, with written commentary and key support/ resistance levels to an institutional, professional and retail client base. The 30+ daily reports include European, UK and US Bonds & Equity Index Futures, G10 currencies, UK Natural Gas, TTF Gas, German Power, EUA Emissions and LME Base Metals.
As The Market Chartist, Steve has won many awards from the Technical Analyst Magazine. He was the 2016 & 2013 Winner (plus 2014 Runner Up) for Best Independent Fixed Income Research & Strategy and winner of Best FX Research & Strategy in 2012. He was also a finalist in the Technical Analyst of the Year category each year for 2012-2017.
Other Current Positions
Steve is also the Academic Dean for The London School of Wealth Management, a role he really enjoys. He appreciates the opportunity to be able to educate a diverse array of students in all aspects of the financial market’s world. Steve says “to be able to be a part of transforming an individual’s life through education is truly a privilege and very exciting”.
In his role as Senior Investment Advisor at Kylin Prime Capital, Steve supports and advises the investment management team by employing his extensive fundamental market experience, alongside his wealth of technical analysis knowledge. This allows him to add significant value to investment decisions.
Steve also writes extensively for numerous financial markets sites including: FxStreet.com, TechnicalAnalyst.co.uk, InsideFutures.com, BarChart.com, StockTwits.com, StockBrokers.com, AskTraders.com and Investing.com.
Previous to this, Steve was also a Senior Lecturer at The London Academy of Trading where he fully began his journey into the world of education. It was here that he honed his skills as a lecture and mentor in the world of financial markets education.
Vast Technical Analysis Experience
Steve has also helped technical analysis push into a new era in his previous role as Director at Vega Insight. Vega Insight is a relatively new company with a specific focus on Artificial Intelligence and Machine Learning in global commodity and broader financial markets, with special focus on Energy. In his role Steve was responsible for the technical analysis inputs to the Artificial Intelligence and Machine Learning.
Steve spent 2009-2012 as a Director in the Technical Analysis Research Strategy team at Credit Suisse. Steve managed the FX division, responsible for the reports, forecasts and bank wide research for G10 & Emerging Markets currencies. In this role he also covered all major asset classes including Equity Indices, Rates & Credit, plus Commodities.
Steve spent most of his career at Merrill Lynch for 15 years from 1994-2009. The last ten years was as a Vice President in the research department as a technical analyst, responsible for daily reports, client presentations, plus in-house and client education programs. Prior to this, Steve was in the Fixed Income derivatives sales team where he managed the Italian Futures desk (BTP and EuroLira) on LIFFE (the London International Financial Futures Exchange). He was responsible for a four-man sales team, who consistently produced high volume of sales from both in-house and external clients.
He is a Member of the Society of Technical Analysts (MSTA) and holds a Master’s degree in politics, Philosophy & Economics from Oxford University (Lincoln College).
The Japanese Yen remain under negative pressures with global financial markets continuing their “risk on” theme into the start of 2020. This has seen USDJPY strength over the past week since the de-escalation of tension in the Middle East and leaves the USDJPY forecast for further gains (see the technicals below). The “risk on” theme … Continued
The Pound Sterling has been under downside pressures over the past week and in fact since the start of 2020. This has been driven by three factors with respect to the GBPUSD Forex rate: A more dovish tone from at least three members of the Monetary Policy Committee of the Bank of England, including outgoing … Continued
A surge higher by US and global equity averages to start this week, with the US board benchmark index future, the S&P 500 E-Mini hitting another new record level on Monday and in overnight trading. This has reflected a rejection by markets of fears and negative pressures from an escalation of the conflict that began … Continued
As we highlighted in last week’s MacroWatch, the bullish sentiment that started 2020 was significantly damaged by the increase in geopolitical risks from the U.S. airstrike that killed General Qassem Soleimani, the Iranian Quds Force chief. Moreover, global stock averages plunged lower in the middle of last week as Iran retaliated with airstrikes aimed at … Continued
A further selloff for the Euro over the past 24 hours, leaving risks lower. Global financial markets have seen aggressive volatility so far in 2020 given Middle Eastern tensions, with Gold and Oil markets swinging aggressively, as well as stock averages seeing notable selloffs and recoveries. On the currency side, FX markets have seen a … Continued
Global financial markets have seen some aggressive swings to tart 2020 with the tension in the Middle East, particular on the individual stock and equity index, alongside the Gold and Oil markets. On the Forex side, however, despite a choppy tone to USDJPY and Japanese Yen cross rates (due to the aforementioned tensions and the … Continued
Global financial markets have seen riskier assets plunge and safe havens rally in very volatile activity overnight Tuesday-Wednesday amid an escalation in the tensions in the Middle East. Iran have attempted to strike at US targets in Iraq to intensify the negative, “risk off” theme that started 2020 after the US airstrikes in the Middle … Continued
Global financial markets have attempted to shrug off the more negative, “risk off” theme that started 2020 after the Middle East airstrike by the US last week. This initially saw a significant selloff in riskier assets and a rush into safe havens, like the Japanese Yen, sending USDJPY lower. Despite a rebound in riskier assets … Continued
A truncated trading week to end 2019 and start 2020 last week, with global markets observing holidays during the turn of year. 2019 ended and 2020 initially started by echoing the “risk on” tone from the whole of last year with global stock averages extending the December, Santa rally through the end of year, albeit … Continued
An erratic tone into the holiday season for Forex markets with the Fed on hold, the UK election behind us and the US-Sino trade deal done, for now. The Forex Zone looks at day trade views and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Erratic, but upside bias … Continued
The FTSE 100 Index chart has soared since late last week, benefiting from the certainty that has come from the UK general election result, with the 80-seat majority for the Conservative government. In addition, the latest surge higher in the FTSE 100 index this week has been assisted by the Pound recoiling from above 1.35 … Continued
A selloff for the Pound over the past 24-48 hours has accelerated through Tuesday with concerns quickly resurfacing regarding Brexit. The euphoric Sterling rally since last week’s strong general election result for the Conservative party and a large government majority has been erased with worries that a no deal Brexit is still a threat. The … Continued
A positive follow through for the UK benchmark averages on Monday, as the FTSE 100 led the European equity indices higher (see the UK FTSE 100 Index Chart, the German DAX Index chart and the Euro STOXX 50 Index chart and commentary) This has reflected a positive follow-through for the UK market after last week’s … Continued
Markets began last week on a positive footing after the strong US Employment report the prior Friday (6th), as we highlighted in our Macro Watch report last week, with the November Non-Farm Payroll data particularly strong at 266K jobs added (expectations of 187K) and the Unemployment rate at 3.5%, matching the lowest jobless rate since … Continued
We will look at: What are the major asset classes in financial markets? What are the Forex options? What do I need to know about trading the stock market? What are the pros and cons of trading stock indices? Should I consider trading the bond markets? What do I need to know to trade the … Continued
An emphatic majority for the Conservative party was predicted by the exit polls at 10.00 p.m. on Thursday 12th December, which has been confirmed as the results have come in. This saw the Pound leap against the US Dollar above 1.35, with GBPUSD at its highest level since May 2018 and EURGBP plunging to levels … Continued
We will look at: What are the major asset classes choices? Where to start with FX? Fundamental versus Technical Analysis The “FX Majors” Safe haven currencies “Risk” or commodity currencies Cross currency analysis Peripheral currencies and Emerging Markets What Forex markets are best suited to you? If you are relatively new to financial market trading … Continued
The focus Wednesday was on the Federal Reserve in their last FOMC Meeting of 2019. There was no change in interest rates as anticipated, through the Fed maintained their dovish stance, indicating that rates would likely remain on hold through 2020. Stock averages in the US and globally cheered this outcome, probing slightly higher. However, … Continued
The focus today is on the Federal Reserve in their last FOMC Meeting of 2019. No change in interest rates in anticipated but given the better than expected US Employment data last week, the risk is for the Fed to begin to shift away from a more dovish stance to slightly more hawkish. Such a … Continued
The Bank of Canada were in play in the middle of last week with a meeting in which they left their interest rates unchanged as expected, but with a more upbeat outlook for the global economy than expected by Forex markets. This sent the USDCAD Forex rate lower (a stronger Canadian Dollar). The more positive … Continued
The trade talk prospects between the US and China were dealt a blow to start the first week of December as President Trump and other key players highlighted that the phase one trade deal might not be signed as quickly as markets had expected, with the President at one point suggesting a trade deal might … Continued
US Dollar shifts to a weaker theme across the major currencies, with the GBP USD Chart showing a bullish break The Forex Zone looks at day trade views and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bull theme intact A firm rebound and consolidation tone on Thursday to … Continued
A more positive poll favouring the Conservative party over the past 24 hours has seen a stall in the narrowing in the polls recently between the Conservative and Labour parties. The better performance by Labour had been a theme over the past week, but the halt and reveres of this trend in favour of the … Continued
Stock averages suffered a further slide on Tuesday as markets continued to react to the US tariffs on steel and aluminum imports from Brazil and Argentina, but also now have raised concerns that the US-China trade war could extend long into 2020. Comments from President Trump alongside U.S. Commerce Secretary Wilbur Ross indicated that the … Continued
A broad “risk off” scenario hit global markets Monday as US President Trump put tariffs on Steel and Aluminum imports from Brazil and Argentina, heightening the global trade war. This sent stocks lower, and in this scenario had a negative impact on the US Dollar within G3, with the greenback losing ground to both the … Continued
The US-China trade talks yielded some upside last week with reports of a positive phone call between China’s top trade negotiator Liu He and U.S. Trade Representative Robert Lighthizer and Steven Mnuchin, U.S. Treasury Secretary on Tuesday. This was followed by China announcing new guidelines and penalties for the protection of patents and copyrights, which … Continued
US Dollar stays strong amid a more positive spin from the US-China trade talks The Forex Zone looks at day trade views and forecasts for the major Forex rates; EUR/USD, GBP/USD, USD/CAD, AUD/USD, NZD/USD and USD/JPY. EURUSD: Still targeting key 1.0988, maybe critical 1.0939 A low-level consolidation Thursday after Wednesday’s prod lower to just hold above key … Continued
In the U.K. a YouGov poll using a method that successfully forecast the 2017 general election result was released late Wednesday. It has forecast a Conservative win, critically giving them a 68-seat majority. This helped the Pound rally in late trading Wednesday with GBPUSD pushing back up to 1.2950 Remember, however, markets are likely to … Continued
A risk on theme again this week with further positive soundings from the US-China phase one trade deal, as Trump states a deal is close (again). This has pushed global equity markets still higher, with the US the stock market benchmark averages (the S&P 500, Dow Jones Industrial Average and Nasdaq) all hitting new all-time … Continued
A shift back to a risk on theme over the past 24-36 hours after last week’s shift to a risk off bias (after cautious and mixed signals from the US-China trade talks). This week has seen positive rumours and more upbeat soundings, with a report overnight stating that the top-level negotiators had been on a … Continued
US-China trade negotiations started the week with some positive comments from both sides, but by Tuesday the soundings from both the US and China were more negative, with China looking for a roll back of tariffs, whilst President Trump threatened the imposition of further tariffs if a deal faltered. In addition, the market fears that … Continued
Forex markets are mixed with varied and conflicting signals coming from both sides in the US-Sino trade talks. The Forex Zone looks at day trade possibilities and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Intermediate-term bullish shift with probe of key 1.1092/93 A Thursday spike higher above the key 1.1092/93 resistance … Continued
A shift to a risk off theme over the past 24-26 hours has seen a move to safe havens, with the Euro outpacing the US Dollar, pushing EURUSD higher. This risk off tone has been driven by mixed signals from the US-China trade talks and growing concerns as the US impeachment enquiry has entered the … Continued
An erratic Tuesday session with initial gains to a new record high for the S&P 500, alongside the major US equity indices, with ongoing hopes from last week on positive soundings from the US-China trade talks. However, some negative rumours from China alongside further tariff threats from President Trump saw stock markets retreat through the … Continued
The Conservative party lead over Labour has seemed to be stretching over the past week, with polls indicating a lead of up t 17-points now, up from 10-points last week. This, alongside the Brexit Party last week standing down candidates in marginal seats that the Conservatives could win, has increased the potential for a Conservative … Continued
US President Trump spoke on trade at the Economic Club of New York on Tuesday with a positive view on a China trade deal, but also with threats of further tariffs if a deal was not made. Then Thursday evening saw Larry Kudlow (economic advisor at the White House) signal a deal with China was … Continued
In this article we are going to take a look at the history of Contract for Difference (CFD) Trading, what CFD Trading is and what are the advantages. We will also focus on Forex Trading, which is really just a subset of CFD Trading and also look at Spread Betting and how Spread Betting accounts … Continued
The US Dollar has remained firm, though slightly hesitant driven by positivity from the US-Sino trade talks and upbeat comments from various Fed speakers on the US economy. The Forex Zone looks at day trade possibilities and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Prod at key 1.0989 A … Continued
A Thursday rebound to reject the minor Wednesday setback that held above the 1.2815/1.2799 support area, to retain upside forces from Monday’s surge up through the November down trend line and also 1.2832 and 1.2878 resistances, to leaves risks higher for Friday. We see an upside bias for 1.2898; break here quickly aims for 1.2917 and maybe notable 1.2976. … Continued
EURUSD remains vulnerable into Thursday with both potentially negative influences on the Euro side and possibly positive impacts on the US Dollar side. Today the focus will be on Jerome Powell’s second day of testimony to Congress, with Eurozone GDP earlier this morning. We continue to see risks for a more negative outcome on the … Continued
A much-hyped speech from US President Trump on the US-China trade talks Tuesday had muted impact as the major US equity averages probed higher hitting new all-time highs ahead of the speech. There was nothing particularly new from President Trump highlighting a phase one deal was close, but also stating that if an agreement was … Continued
The spotlight shifted to the UK on Monday, where general election politics had a significant impact on the Pound. Nigel Farage stated that the Brexit Party would not put candidates up for election in those parliamentary seats that were won by the Conservative Party in 2017. This is seen as a positive for the Tories, … Continued
The trade talks between the US and China saw positive soundings from both sides. There were rumours of a delayed deal signing (from November back to December), BUT both sides are said to be considering rolling back tariffs as part of the Phase One deal (though Trump stated Friday he had not agreed to this). … Continued
The US Dollar has seen a strong recovery over the past week in reaction to the early November publication of the October US Employment report, which was very robust. The recovery has been assisted by broadly positive news flow from the US-China trade talks. The Forex Zone spotlights day trade views for the major Forex … Continued
The macroeconomic spotlight Thursday is on the Bank of England Meeting and no changes in interest rates are expected. Financial market participants will focus on the any change in tone given shifts in UK economic political backdrop with the calling of a general election since the last meeting. The US Dollar has stayed firm this … Continued
The US Dollar has rallied recently as US Treasury Bonds have continued to slide lower in price (to higher yields), with these safe haven assets losing their appeal as global financial markets stay within the current “risk on” environment. This lower yield move has encouraged a strengthening of the US Dollar, with the US currency … Continued
Tuesday has already seen the Reserve Bank of Australia (RBA) leave interest rates unchanged at their meeting but signal again that a ‘gentle turning point’ appears to have been reached in the economy. This has seen the Australian Dollar perform well versus the US Dollar overnight as the tone continues to shift to more positive, … Continued
The Federal Reserve met last Wednesday and as markets had priced in, a third 2019 rate cut for 2019 was delivered by the Federal Open Market Committee (FOMC). The FOMC also indicated a pause, that the “mid-cycle adjustment” was complete (for now). US equities and stock averages pushed higher (as did global share markets), whilst … Continued
The US Dollar sold off across the board from Wednesday after the Federal reserve cut interest rates, leaving the immediate risks for the greenback lower into today’s US Employment report. The Forex Zone highlights day trade ideas for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bull theme intact A Thursday … Continued